SANTA ANA, California – The CEO of an Irvine-based financial services and insurance company was arrested this morning on federal charges of defrauding about a dozen victims who thought their money was being invested in a certificate of deposit at a major bank.

The scam allegedly run out of Five Star Financial Services of America, LLC targeted the retirement accounts and savings of elderly investors and other vulnerable victims, according to a federal criminal complaint that notes one 70-year-old victim lost nearly all of his $1.6 million investment with Five Star. Continue reading→